ABL Hits Back at Aoun, Says Banks Not behind Wrong Policies

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The Association of Banks in Lebanon on Thursday denounced what it called a “campaign against the banking sector” by “most politicians,” a day after President Michel Aoun criticized the country’s banks.

“Most politicians resort to this campaign when the crisis toughens” in a bid to conceal “the reasons behind what happened and is still happening to the country,” ABL said in a statement.

Reminding that “it was not banks which used to stress the pegging of the national currency rate in every ministerial policy statement over the past 30 years,” ABL said banks also did not encourage the state to increasingly borrow from the funds deposited at the central bank.

ABL also reminded that it was the state and not banks which issued treasury loans, approved subsidization policies and impeded the issuance of capital control laws.

The Association also slammed the “policies of the waste of funds and the irresponsible taxing and customs laws.”

“Banks were not behind the decisions of arbitrary employment in state institutions and they did not accumulate the deficit in the balance of payments,” the statement added.

“The political crisis, and the obstruction and vacuum it created, remains the main reason behind the financial and banking crisis in Lebanon,” the statement added.

Aoun had on Wednesday said that banks’ responsibility is “evident” and that they “cannot evade the truth.”

“The people put their money with you and you used it irresponsibly to achieve fast gains, without a ‘distribution of risks’ as required by the profession’s rules,” the president added.

SourceNaharnet
Comments 9
Thumb SheikYerbouti 2 days

Michel Aoun for over 12 years insisted on the banking sector and the BDL finance Gebran Basil and later advisors Cesar and Nada's corrupt spending of more than 50 billion US dollars on non existent electricity.

Thumb i.report 2 days

And a modern nuclear power plant costs $10 billions lol we could have had 5 of those to power the entire Near East... shame on the crooks who robbed us at point blank.

Thumb gebran_sons 2 days

Then Central Bank should no longer implement wrong policies forced by politicians and immediately stop all product subsidies to protect people bank deposits.

Thumb canadianleb 2 days

This is nothing but a show. Aoun points the finger at the Bank and vice versa. at the end of the day the money is gone and the audit will not happen. The sheep will continue to follow the thieves and you are witnessing the start of the end of Lebanon... RIP Lebanon!!!

Missing kuluna_lil_watan 2 days

Very well said

Missing kuluna_lil_watan 2 days

Thieves pointing fingers at each other

Missing rabiosa 1 day

Government overspending money it did not have. Subsidizing everything, rampant public employment for people who barely work 2 hours that if they show up at all, nepotism, corruption, side deals. That's what led to the collapse. of course with the central bank giving the funds to the various government entities with anyone monitoring where these funds are going or how they are spent.

Thumb lebanon_first 1 day

What do you expect in terms of wealth when you have hundreds and thousands of "generals" from the army cashing above 1million dollars per person in compensation for services done? Wait. What services? Did they fight Assad? Israel? Hezbollah? Or did they lazily rest in officers clubs and attend every social event there is?

Missing rotate 21 hours

Big fail Mr Aoun. Hang your head in shame.